MASS housing developer 8990 Holdings, Inc. is looking at generating P205 billion in sales in the medium term from projects it may launch using its existing land bank. In a briefing on Monday, 8990 Acting President and Chief Operating Officer Alexander Ace Sotto said the company keeps a land bank of 657.12 hectares, spread across Luzon (148.04 hectares), Visayas (366.96 ..
By Denise A. Valdez, Senior Reporter MASS HOUSING developer 8990 Holdings, Inc. booked 12% higher earnings in the first quarter of the year, on the back of sustained demand for its products in Metro Manila and key regions. In a disclosure to the exchange on Tuesday, the company said its net income reached P1.32 billion in January to March, supported by the ..
MASS HOUSING developer 8990 Holdings, Inc. reported 36% increase in its net income in the third quarter, driven by rising sales from its affordable housing development. In a regulatory filing, the listed property developer said it booked a net income of P1.389 billion in the three-month period ending September from P1.018 billion a year ago.
8990 HOLDINGS, Inc. booked a 17% increase in net income in the first quarter of 2019, driven by sales of its housing projects in the National Capital Region (NCR), Iloilo, and South Luzon. In a disclosure to the stock exchange on Tuesday, the listed mass housing developer said that its net income grew to P1.177 billion during the January to March period, from P1.009 billion in the same period last year. Revenues jumped 20% to P3.01 billion in the three-month period, as the company sold 2,204 housing units which was 23% up from year ago figures. Sales from NCR projects accounted for 25% of the total, followed by Iloilo projects, which accounted for 12% and South Luzon projects with 11%.
MASS HOUSING developer 8990 Holdings, Inc. said it has signed a deal to acquire a 72.83% stake in Genvi Development Corp., the company behind the integrated community Monterrazas de Cebu in Cebu City. In a disclosure to the stock exchange on Tuesday, the listed firm said its subsidiary 8990 Housing Development Corp. (8990 HDC) inked a subscription agreement for 2,913,128 common shares out of the existing but unissued capital of Genvi at P100 each or a total of P219.31 million. Once the deal is completed, 8990 HDC will own around 72.83% of Genvi’s total issued and outstanding capital stock. The rest will remain with Genvi’s current shareholders.
MASS HOUSING developer 8990 Holdings, Inc. is expanding into the upscale property market with the acquisition of Cebu-based property firm GENVI Development Corp. In a statement issued Wednesday, the listed firm said it is finalizing the acquisition of GENVI Development, which develops high-end properties in Cebu including integrated community Monterrazas de Cebu. “The acquisition of Monterrazas de Cebu firms up ..
8990 HOLDINGS, Inc. aims to generate P20 billion in revenues by 2020, driven by the completion of its mid-rise condominium project in Ortigas Extension. The listed mass housing developer said it should grow revenues by an average of 25-30% in the next two years to reach this target. “For revenues, we’re aiming for P11.5 billion now, next year we’ll have ..
MASS HOUSING developer 8990 Holdings, Inc. said revenue rose 142% to P3.5 billion during the second quarter, amid pent-up demand for affordable housing. The listed firm, in a statement, did not report second quarter profit figures. However, it said its first half revenue of P6 billion grew 98% and exceeded the company’s internal target. “There is pent-up demand. This must ..
MASS HOUSING developer 8990 Holdings, Inc. has broken ground for its P30-billion condominium complex project in Ortigas Avenue Extension yesterday. 8990 Holdings President and Chief Executive Officer Willibaldo J. Uy said the company will start selling Urban Deca Homes Ortigas units in the next few weeks since it has yet to secure a license to sell. “We’re waiting for the ..
MASS HOUSING developer 8990 Holdings, Inc. looks to generate P4 billion in sales from its Tondo project this year, noting the uptick in demand as the development nears completion. In a statement issued Tuesday, the listed real estate company said Urban Deca Homes Manila will see four towers completed by the end of 2018, with another four to be finished ..